UAE To Invest in 300 MW Hybrid Project as Part of $2 Billion Investment in India

Jul 19, 2022 11:42 AM ET
  • Under the structure of the four-nation grouping 'I2U2 ′ (India, Israel, USA and UAE), the United Arab Emirates will certainly make a financial investment worth $2 billion to develop a collection of integrated food parks throughout India.
UAE To Invest in 300 MW Hybrid Project as Part of $2 Billion Investment in India

This choice was announced in the first virtual summit held under the leaders of the group-- Indian Prime Minister Narendra Modi, United States President Joe Biden, Israeli Prime Minister Yair Lapid and also UAE President Mohammed bin Zayed Al Nahyan.

Innovative means to make certain longer-term, extra diversified food production and food distribution systems were gone over according to the joint declaration. The conference focused on food security situation and clean power. The declaration additionally exposed that India will also provide "appropriate land" for the food parks.

With a focus on clean energy, the team has revealed a 300 megawatt (MW) hybrid Renewable Energy project in Gujarat, supplemented by a battery power storage space system. The energy project will certainly additionally include greater chances for public-private industry cooperation. The joint declaration notes that the "project has the prospective to make India an international hub for alternative supply chains in the renewable energy sector."

The I2U2 said that "India will offer ideal land for the project and will assist in farmers' assimilation into the food parks. The US and Israeli private sectors will certainly be invited to lend their know-how and also offer innovative solutions that add to the general sustainability of the project"

The discussions in between leaders was additionally about tapping the capacity of well-established markets to build more innovative, comprehensive, and also science-based remedies to boost food security. It was throughout the conference of the foreign ministers of the claimed nations in October 2021 that the four-nation group was birthed. In the last few years, India's reciprocal strategic connections with each of the 3 countries have actually gotten on an increase.

The investments will certainly confirm to be a service to the food insecurity difficulty in South Asia as well as the Middle East by making best use of the plant yield.

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